Do I have to file taxes?
For an unmarried person, $9,750* is the maximum you can make without filing taxes. This includes any income you make from employers and any money you made from side jobs like mowing the lawn or babysitting.
Should I file taxes if I made less than $9,750?
If your employer had money withheld from your paycheck for taxes, yes. Filing can also refund money from tax credits and if you overestimated taxes from previous years. You are supposed to file if you made more than $400 in self employment even if you don’t earn wages from an employer at all.
What is a W2?
The W2 summarizes all of your income and tax deductions from the year, and you use it to prepare the tax return.
Where and when can I get my W2?
Employers provide this to you at the end of the year. They are required by law to send it by mail by Jan. 31, so make sure they have your correct address. If you still don’t get the form by February, contact the IRS. You should get a form for every job you had during 2012.
How much money will I get in my refund?
It depends on several things. If you earned less than $9750, you will get essentially all of the federal taxes withheld from your paycheck. For instance, if you make $4000 working at a fast food restaurant and you had $350 withheld from your paycheck for federal income taxes, you will get $350 back. However, 4.2 percent* of your paycheck goes to social security, 1.45 percent goes to medicare, and those won’t be refunded.
When will I get my refund back?
Most people get their refund back within three weeks. It may take longer if your form needs additional review.
How can I get help for filing taxes?
There are several programs and websites from companies like TurboTax and H&R Block dedicated to helping people file taxes. While some are free, most are between $20-$40. If you want a more cost effective, personal approach, AARP offers free walk-in help at many local libraries.
Can I file taxes on my own?
It’s not suggested for inexperienced taxpayers to fill out forms without help from someone who’s filed before. If you want more information about taxes or want to contact a tax official, go to the IRS website.
When is the deadline for filing taxes?
The last day for filing taxes for 2012 falls on April 15, 2013.
What is a FAFSA?
The FAFSA is the Federal Application For Student Aid. Students intending to go to college should fill it out to get their EFC (Estimated Family Contribution), or an index colleges use to judge how much you need financial assistance to attend college. Most colleges meet nearly all of your demonstrated needs, so it is highly recommended for students to fill it out.
Do I need to know my tax info to fill out a FAFSA?
Yes. FAFSA requires information about you and your family’s financial situation. Although it isn’t necessary for you to have fully completed and submitted your tax form, most of the monetary information the FAFSA asks for will come from tax forms.
What is the deadline for filing my FAFSA?
Most colleges require the FAFSA early during the spring for priority filing. The final date, set by the federal government, is June 30.
*Changes according to tax year. Numbers are for filing taxes for 2012, not 2013.
